Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

How credit scores impact lenders’ pipelines in a purchase market

When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

Mortgage

Here are the top 15 mortgage lenders of 2020

HMDA data shows which lenders originated the most loans in 2020

A perfect storm of record low interest rates and shifting consumer behavior spurred by the COVID-19 pandemic resulted in an absolutely incredible year for mortgage lenders in 2020, especially the independent mortgage banks.

Virtually every IMB saw origination volumes soar in 2020, with many eclipsing $40 billion in originations, according to the Consumer Financial Protection Bureau‘s Home Mortgage Disclosure Act data. In fact, over 20 lenders issued 100,000 mortgage loans or more in 2020, the majority of them refinancings. One lender, Rocket Mortgage, issued over 1 million loans in 2020.

The mortgage boom gave private equity firms and private owners the courage to test the public markets – Rocket, United Wholesale Mortgage, Homepoint, loanDepot, Guild Mortgage and Finance of America all went public on the strength of their 2020 origination numbers. Many of the lenders posted over $1 billion in profits during 2020.

While some of the big IMBs, such as Fairway Independent Mortgage, Freedom Mortgage, Caliber Home Loans, loanDepot and Rocket, all grew volume over 100% from 2019, the depository banks largely lost ground. JPMorgan Chase‘s origination volume grew just 38% and Wells Fargo‘s grew just 15% from the prior year and Bank of America actually decreased in overall origination volume, the result of a pullback on jumbo loans and tightened lending standards to protect balance sheets.


Savvy lenders are already preparing for the next valley – Here’s how

Despite increased rate of tech adoption, the mortgage industry still has room for continued development and processes. HousingWire sat down with Renata Sheyner, vice president of product at CreditXpert, to learn more about key technologies that lenders need to give more attention to.

Presented by: CreditXpert

Mortgage forecasting and advisory company iEmergent combed through the top mortgage lenders by volume, as submitted to the CFPB. Its compilation excludes multifamily properties – it includes single family 1-4 residential loans as well as manufactured homes. All loans were closed in 2020, so it does not include loans that locked in 2020 but closed in 2021. Each lender is listed based on its incorporation status, which means that a joint venture such as Guaranteed Rate Affinity would be listed as a separate company, and therefore not included in Guaranteed Rate Inc.‘s numbers.

Without further adieu, here are the top 15 mortgage lenders of 2020 (stay tuned for more analysis in the days to come), ranked based on number of loans issued. We also included total origination volume, percentage of growth from 2019, as well as purchase and refi volume.

15 – Homepoint

  • Total originations – 124,598
  • Total origination volume – $41 billion
  • Number of home purchase loans – 41,316
  • Purchase volume – $13 billion
  • Number of refinance loans – 81,681
  • Refi volume – $27.48 billion loans
  • Percent volume increase from 2019: 226.3%

14 – Guild Mortgage

  • Total originations – 130,376
  • Total origination volume – $34.91 billion
  • Number of home purchase loans – 64,233
  • Purchase volume – $16 billion
  • Number of refinance loans – 66,141
  • Refi volume – $18.86 billion
  • Percent volume increase from 2019: 64.2%

13 – Guaranteed Rate

  • Total originations – 135,591
  • Total origination volume – $47.23 billion
  • Number of home purchase loans – 71,185
  • Purchase volume – $23.6 billion
  • Number of refinance loans – 65,406
  • Refi volume – $23.63 billion
  • Percent volume increase from 2019: 71.4%

12 – Crosscountry Mortgage

  • Total originations – 137,412
  • Total origination volume – $42.65 billion
  • Number of home purchase loans – 63,012
  • Purchase volume – $18.75 billion
  • Number of refinance loans – 74,400
  • Refi volume – $23.9 billion
  • Percent volume increase from 2019: 198.1%

11 – Mr. Cooper (Nationstar)

  • Total originations – 146,803 for $36.31 billion
  • Total origination volume – $36.31 billion
  • Number of home purchase loans – 4,684
  • Purchase volume – $1.19 billion
  • Number of refinance loans – 141,869
  • Refi volume – $35 billion
  • Percent volume increase from 2019: 82.5%

10 – U.S. Bank  

  • Total originations – 180,261
  • Total origination volume – $58.1 billion
  • Number of home purchase loans – 48,915
  • Purchase volume – $20.16 billion
  • Number of refinance loans – 101,144
  • Refi volume – $33.7 billion loans
  • Percent volume increase from 2019: 43.4%

9 – Bank of America

  • Total Originations – 184,088
  • Total origination volume – $76.91B
  • Number of home purchase loans – 49,486
  • Purchase volume – $23.2 billion
  • Number of refinance loans – 110,557
  • Refi volume – $47B
  • Percent volume decrease from 2019: -7.7%

8 – JPMorgan Chase

  • Total Originations – 224,833
  • Total origination volume – $95.6B
  • Number of home purchase loans – 57,106
  • Purchase volume – $28.4 billion
  • Number of refinance loans – 155,804
  • Refi volume – $62.96 billion
  • Percent volume increase from 2019: 38.6%

7 – Fairway Independent Mortgage 

  • Total Originations – 228,154
  • Total origination volume – $64.56 billion
  • Number of home purchase loans – 137,392
  • Purchase volume – $37.2 billion
  • Number of refinance loans – 89,898
  • Refi volume – $27.53 billion
  • Percent volume increase from 2019: 72.6%

6 – Caliber Home Loans

  • Total Originations – 228,633
  • Total origination volume – $70.6 billion
  • Number of home purchase loans – 102,625
  • Purchase volume – $31.6 billion
  • Number of refinance loans – 125,885
  • Refi volume – $38.96 billion
  • Percent volume increase from 2019: 73.1%

5 – loanDepot

  • Total Originations – 294,466
  • Total origination volume – $100.5 billion
  • Number of home purchase loans – 84,805
  • Purchase volume – $28 billion
  • Number of refinance loans – 209,661
  • Refi volume – $72.43 billion
  • Percent volume increase from 2019: 124%

4 – Wells Fargo

  • Total Originations – 319,429
  • Total origination volume – $126.9 billion
  • Number of home purchase loans – 118,619
  • Purchase volume – $60.1 billion
  • Number of refinance loans – 182,062
  • Refi volume – $63.39 billion
  • Percent volume decrease from 2019: 15.1%

3 – Freedom Mortgage

  • Total Originations – 389,146
  • Total origination volume – $99.23 billion
  • Number of home purchase loans – 22,218
  • Purchase volume – $6.39 billion
  • Number of refinance loans – 366,928
  • Refi volume – $92.8 billion
  • Percent volume increase from 2019: 247.4%

2 – United Wholesale Mortgage

  • Total Originations – 560,796
  • Total origination volume – $182.82 billion
  • Number of home purchase loans – 133,077
  • Purchase volume – $42.99 billion
  • Number of refinance loans – 427,719
  • Refi volume – $139.8B
  • Percent volume increase from 2019: 69.4%

1 – Rocket Mortgage

  • Total Originations – 1,142,638
  • Total origination volume – $313.41B
  • Number of home purchase loans – 133,642
  • Purchase volume – $36.96 billion
  • Number of refinance loans – 997,523
  • Refi volume – $274.1 billion
  • Percent volume increase from 2019: 121.3%

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